NPA = Non Performing Assets ( bank loans not being
repaid )
NPB = Non Performing Bankers ( bank officers not being prosecuted )
Recently , Supreme Court asked RBI for a list of
entities , who are defaulting on loans of Rs 500 Crores or more
Suddenly , a few banks started publishing lists of their own loan defaulters
What is the big deal ?
Several thousand Cooperative Housing Societies in
Mumbai , have been , routinely publishing on their Notice Boards ( equivalent
to the web sites of the banks ? ), names of society-members who have failed to
pay their monthly society charges ( includes Municipal Property Tax ) -
including cumulative arrears
They have been doing so for years . I don't know if
Model Standing Orders or Cooperative Society Act requires this
But no member seems to object this act of " Name
to Shame " !
What has prevented banks from routinely declaring on
their web sites :
* Complete list
of all loan-takers ( Companies/ Individuals/ Trusts / NGOs etc )
* Full details
of loans ( amount / duration / interest rate / collaterals / repayment schedule
/ sureties etc )
* Names of bank
officers who scrutinized and sanctioned loans
* Cumulative
arrears ( shown graphically )
* Other entities
( including other Companies / Individuals ) inter-connected with the defaulters
* Details of Notices
sent / Court cases filed / Recoveries made / Blacklisting done , etc
After all , most banks have PUBLIC as shareholders and
therefore , need to be covered under RTI Act
If a bank is owned ( partially or totally ) by any
government ( Central or State ) , it is covered under RTI
So , why this secrecy ? Why this dragging of feet to
take prompt action against defaulters ?
I recently heard of a Cooperative Housing Society in
Hyderabad which has solved the problem of members defaulting on payment of
society charges
In members' flats , Society has installed ELECTRONIC DIGITAL
PREPAYMENT METERS
On 1st of each month, a member must key-in the amount (
of Society charges ) in the Meter and authorize deduction from his bank account
( like Mobile Wallet , in collaboration with many banks concerned )
Failure to do so will immediately result in automatic
cutting off the electricity and water supply to that flat !
I suppose Andhra / Telengana State Cooperative Society
Act permits this. Why progressive Maharashtra does not ?
It is no Rocket Science to extend the application of
this SIMPLE TECHNOLOGY to bank loan defaulters !
By automatic freezing of personal bank accounts of ALL
those who signed the loan document ( takers & givers ) , the moment any
repayment installment becomes overdue by ONE DAY ?
And automatic / instant revoking of PASSPORT , without having to approach Supreme Court ?
And automatic / instant revoking of PASSPORT , without having to approach Supreme Court ?
I hope RBI governor , Shri Raghuram Rajan , gets to
read my blog and floats a Request for Proposal to Infosys / Wipro / TCS etc
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hemenparekh.in / blogs
09 March 2016
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